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A perfectly competeitive, constant-cost industry has a markey demand curve P=100-(1/5)Y where Y is the aggregate output in the market. Each firm has a U-shaped long-run average cost function with a minimum of $10. The efficient scale of production of these firms is 5 units. Suppose that the short-run marginal cost of firms is SMC=y-5, what is the short-run market supply function?

Econometrics, Economics

  • Category:- Econometrics
  • Reference No.:- M9474276

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